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Universal Display signs license pact with Panasonic, Idemitsu JV
August 29, 2011 / 9:31 PM / 6 years ago

Universal Display signs license pact with Panasonic, Idemitsu JV

* To license technology, sell materials to JV

* To get paid running royalties

* Universal shares jump 10 pct after market

Aug 29 (Reuters) - Universal Display Corp (PANL.O) said it will license some technologies and sell materials to a joint venture owned by Panasonic 6860.T and Idemitsu Kosan (5019.T), sending the LED supplier’s shares up 10 percent in after-hours trading.

Under the license agreement, the joint venture Panasonic Idemitsu OLED LightingCo Ltd (PIOL) will have license rights under various patents owned or controlled by Universal Display.

PIOL will pay Universal Display running royalties on its sales of these products. It will prepay a portion of the royalties, Universal said in a statement.

The parties have also entered into a separate material supply agreement and both agreements run through July 31, 2014.

Shares of Ewing, New Jersey-based Universal Display jumped to $56.39 in trading after the bell. They closed at $51.22 on Monday on Nasdaq.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das)

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